Men's Wearhouse parent emerges from bankruptcy protection
The company in July announced plans to cut its workforce by 20% and shut as many as 500 stores
Fox Business Flash top headlines are here. Check out what's clicking on FoxBusiness.com.
Tailored Brands said on Tuesday it has emerged from bankruptcy protection following a financial restructuring process that helped the U.S. men's fashion retailer eliminate $686 million of debt from its balance sheet.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The Houston-based company in August filed for Chapter 11 bankruptcy, joining a list of brick-and-mortar retailers succumbing to the hit from the COVID-19 pandemic.
It confirmed a restructuring plan last month that consisted of a $430 million lending facility.
MEN'S WEARHOUSE OWNER TO CUT 20% OF CORPORATE STAFF, CLOSE 500 STORES
Tailored Brands said on Tuesday it now operates with a capital structure that includes an exit term loan of $365 million, which it expects will support its ongoing operations and strategic initiatives.
The company in July announced plans to cut its workforce by 20% and shut as many as 500 stores, in response to the impact of the pandemic.
CLICK HERE TO READ MORE ON FOX BUSINESS
(Reporting by Derek Francis in Bengaluru; Editing by Ramakrishnan M.)